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Latch cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.3M in Q2 2026 · −$21.1M over twelve months

Operating cash flow−$3.3M
Free cash flow−$3.3M
Cash conversion cycle121 days

Analysis

In Q2 2026, Latch generated −$3.3M of operating cash flow. That is $9.9M more than in Q2 2025 (−$13.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$21.0M; the largest uses were operating cash flow ($21.0M), net borrowing (+) / repaid (−) ($5.4M), other investing ($377K); besides operations, cash came from other financing ($4.2M); the cash balance fell by $22.4M.

Operating cash flow was −$3.3M against net income of −$6.9M. The largest differences: prepaid and other assets +$2.5M, receivables −$2.0M, inventory +$1.3M.

Its cash conversion cycle was 121 days (receivables 40 + inventory 142 − payables 60).

Free cash flow

Latch: free cash flow by quarterLatch: free cash flow by quarter−$17.7MQ3 2024−$14.0MQ4 2024−$10.1MQ1 2025−$13.2MQ2 2025−$4.9MQ3 2025−$7.8MQ4 2025−$5.1MQ1 2026−$3.3MQ2 2026
Operating cash flow less capital spending.
Latch: operating cash flow against capital spendingLatch: operating cash flow against capital spendingOperating cash flowCapital spending−$17.5M$190KQ3 2024−$13.4M$536KQ4 2024−$10.1M$0Q1 2025−$13.1M$77KQ2 2025−$4.9M−$3KQ3 2025−$7.8M$5KQ4 2025−$5.1M$0Q1 2026−$3.3M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$3.3M, Capital spending $0.

Capital allocation, year by year

Latch: where the cash came from (up) and went (down), by fiscal yearLatch: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$107MFY2021: Net borrowing $3.4MFY2021: Shares issued $3.3MFY2021: Capital spending −$1.5M$6.6MFY2021FY2022: Operating cash flow −$135MFY2022: Net borrowing −$3.4MFY2022: Shares issued $724KFY2022: Capital spending −$2.2M$724KFY2022FY2023: Operating cash flow −$65.6MFY2023: Capital spending −$327KFY2023: Acquisitions $8.1M$8.1MFY2023FY2024: Operating cash flow −$75.4MFY2024: Net borrowing −$22.0MFY2024: Capital spending −$766KFY2024: Acquisitions −$950KFY2024FY2025: Operating cash flow −$35.9MFY2025: Net borrowing −$1.2MFY2025: Asset sales $28KFY2025: Capital spending −$79K$28KFY2025
Over these 5 years operating cash flow totalled −$419M; the largest uses were operating cash flow ($419M) and net borrowing ($26.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$20.9M
Debt$4.4M
Net cash$16.5M
Due within a year$1.3M
Cash runway12 months

Latch is burning cash: its operations consume cash, a free cash flow of −$21.1M a year at the current rate against $20.9M of cash and investments: a runway of about 12 months; $1.3M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Latch: debt maturities by year (FY2025)Latch: debt maturities by year (FY2025)$1.3MYear 1$1.3MYear 2$1.3MYear 3$778KYear 4
Principal due in each year as disclosed in the annual report, against $20.9M of cash and investments now.

Where the cash came from and went

Latch: sources (+) and uses (−) of cash, Q2 2026Latch: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$3.6MOperating cash flow−$3.3MOther investing−$200KOther financing−$199KExchange rates$31K
Latch: sources (+) and uses (−) of cash, TTM to Q2 2026Latch: sources (+) and uses (−) of cash, TTM to Q2 2026Cash drawn (+) / kept (−)$22.4MOperating cash flow−$21.0MNet borrowing (+) / repaid (−)−$5.4MOther financing$4.2MOther investing−$377KNot reconciled$226KCapital spending−$8K

From profit to cash

Latch: net income to operating cash flow, Q2 2026Latch: net income to operating cash flow, Q2 2026Net income−$6.9MDepreciation & amortization$1.0MStock-based pay$517KReceivables−$2.0MInventory$1.3MPayables$758KAccrued liabilities$450KDeferred revenue−$694KContract assets$532KPrepaid and other assets$2.5MOther liabilities$69KOperating cash flow−$3.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20264014260121
Q1 20264016856152
Q4 2025419737101
Q3 20255115872137
Q2 20255815860155
Q1 20256418375172
Q4 20245712549133
Q3 20247313033169

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$3.3M———$3.6M−$3.3M
Q1 2026−$5.1M——−$333K$6.7M−$5.1M
Q4 2025−$7.8M−$5K—−$334K$8.0M−$7.8M
Q3 2025−$4.9M$3K—−$333K$4.2M−$4.9M
Q2 2025−$13.1M−$77K—−$333K$12.0M−$13.2M
Q1 2025−$10.1M——−$223K$11.5M−$10.1M
Q4 2024−$13.4M−$536K——$12.4M−$14.0M
Q3 2024−$17.5M−$190K$210K—$4.9M−$17.7M

Latch: income statement and cash flow

Latch, Q2 2026: revenue $15.6M (-18% year over year), operating margin -46.2%. The chart follows the revenue to costs, profit and cash.

Latch: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.